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Pension Funds

Gwinnett County Employees terminates William Blair from equity portfolio

Gwinnett County Employees Retirement System, Lawrenceville, Ga., terminated William Blair & Co. from a $32 million active domestic midcap growth equity portfolio, said Michael Poole, a program analyst in the county's treasury division, in an email.

The $1 billion pension fund's management committee cited underperformance in its May 25 vote and voted to keep $25 million of the assets in cash to meet benefit obligations, splitting the remaining $7 million among active domestic midcap core equity manager Fairpointe Capital and active domestic midcap value equity manager Vaughan Nelson Investment Management, giving them $38 million and $36 million, respectively.

Tony Zimmer, William Blair spokesman, referred questions to the county.

Investment consultant UBS assisted.